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Do you need protection?

The Market Ear Picture

VIX - getting there

VIX has crashed since the early December panic. VIX is approaching the "new" natural floor level at these levels. Expecting much lower VIX from here is probably a very late trade. Ask yourself: how much downside vs upside is there in VIX from here and then assign some probabilities. Regular readers of TME are familiar with our overall view on volatility and protection: "buy it when you can, not when you must".